FXStreet (Mumbai) – The GBP/USD pair extended gains over and above 1.5491, which is the 50% Fib R of 1.5813 (mid-May high) -1.5169 (May-end low).
GBP/USD stalled at high of 1.5516
The pair printed a high of 1.5516 ahead of the US session, before falling back to 1.55 levels. The Pound bulls got a second wind, which took the pair higher from 1.5430-1.5440 levels.
At the moment, the British Pound is one of the best performing currency, mainly on account of an uptick in the industrial production and a larger than expected drop in trade deficit in April. It remains to be seen if the pair manages to extend gains after having retraced 50% of the fall.
GBP/USD Technical Levels
The immediate resistance is located at 1.5519 (23.6% R of 1.4564-1.5813), above which gains could be extended to 1.5670. On the flip side, a break below 1.5490 could push the pair back to 1.5420.
(Market News Provided by FXstreet)